What happens when your Fixed Rate savings account matures?
At Chetwood Bank, we aim to make your savings journey clear and straightforward. As your Fixed Rate savings account approaches its maturity date, here’s what you can expect.
We’ll notify you in advance
Before your account reaches maturity, we’ll contact you to explain your maturity options. You’ll then have 14 days to choose what you’d like to do with your savings.
Reinvest all or part of your savings
Choose to open a new Fixed Rate savings account with us, selecting a term that suits your financial goals.
Switch to an Easy Access savings account
Move your funds into our Easy Access savings account, providing more flexibility if you anticipate needing access to your money.
Have all your money returned to you
Have your savings, plus earned interest returned to your nominated current account.
Whatever you decide to do with your savings at the end of the term, we’ll guide you with easy to follow instructions, ensuring a smooth journey. If you choose to have money paid back to your nominated current account, please check the details we have are up-to-date.
What happens if you don’t make a decision in time?
If we don’t receive an instruction from you before your maturity window closes, we’ll automatically transfer your funds into a Chetwood Bank Holding Account which will have a lower interest rate than your Fixed Rate savings account. Your money will remain safely there until you decide to withdraw or transfer it to a new account.
Managing your savings account online
Secure online banking to manage your money
Secure messaging about your account
We use nominated bank accounts for security
Download an interest report
Configurable notifications and alerts
Interested in opening an account?
Take a look at our Fixed Rate savings account offerings.
Fast answers to some common questions
We'll email you when your maturity window opens with full details of your maturity options. You'll also be able to see these options when you log in to online banking.
You can choose any of the following options.
1. Continue to save your money with us
Choose to save all your money, including earned interest in a new Fixed Rate savings account or a new or existing Easy Access savings account with Chetwood Bank.
2. Save some of your money in a new account with us and move the remaining funds
Choose to save some, but not all your money in a new account. You can do this by:
- reinvesting some of your money in a new Fixed Rate savings account and transferring your remaining money, including earned interest to an existing Chetwood Bank Easy Access savings account or your nominated current account; Or
- reinvesting some of your money in a new Chetwood Bank Easy Access savings account and transferring your remaining money, including earned interest to an existing Chetwood Bank Easy Access savings account or your nominated current account.
3. Have all your money returned to you
Choose not to continue saving in a Chetwood Bank savings account and have all your money, including earned interest, returned to your nominated current account.
If we don't hear from you before your maturity date, your balance, plus earned interest will be transferred automatically to a Holding Account on the maturity date until you decide to withdraw them.
We recommend you carefully consider all your end of term options before making a final decision.
If you'd like to change your end of term option, simply login to online banking, delete your previous maturity instructions and choose a different option. You have until two days before the maturity date to make your final decision.
